Ann: Forecast Dec 17, full year guidance and interim dividend, page-10

I have certainly been involved with companies where founders are involved that have gone pear shaped. Some owners just don't make the transition to public life very well, notably when a windfall IPO cash gain burns a hole in the acquisition pocket. For me at least, the characteristics we have discussed have been universal in my best performers.

It has been a seemingly fruitless search over the last couple of years identifying opportunities on a value basis. I have resigned myself to researching for research's sake to simply create a database of sufficient quality to draw on when the value scales tip the right way. Even in such an environment, if you have a big enough catalogue, opportunities can crop up unexpectedly and I endorse your reference to FLT which presented as such within the last 12 months.

Thanks for the suggestions' they are all worthy of consideration and will occupy me for many hours.